3. [3 points) Suppose you are in the market for the 2020 Honda CR-V EX with the MSRP $27,560. You decide to go to RuPaul Motors to get an initial quote for financing. RuPaul Motors requires that you make a 10% down payment, and finance the remaining amount with a fully amortized loan. This car loan has a rate of 5.25% compounded monthly, and you will make equal monthly payments for 3 years. Alternatively, your friend has suggested you check out Manila Luzon's Honda dealership where they purchased their last car. If you purchased your car here, you would get a student discount of $500 off the purchase price. They would also require you to make a $4,000 down payment, and finance the remaining amount with an amortized loan where you will be making 60 equal monthly payments of $480. a. (0.5 points] Which option will require you to pay the most for your monthly car payment? b. [0.5 points) What is the APR and the effective annual interest rate offered by Manila Luzon's Honda? C. [2 points] What will be the remaining balance after making 25 payments in both the cases? Also, how much will you pay in interest and principal for this payment? 3. [3 points) Suppose you are in the market for the 2020 Honda CR-V EX with the MSRP $27,560. You decide to go to RuPaul Motors to get an initial quote for financing. RuPaul Motors requires that you make a 10% down payment, and finance the remaining amount with a fully amortized loan. This car loan has a rate of 5.25% compounded monthly, and you will make equal monthly payments for 3 years. Alternatively, your friend has suggested you check out Manila Luzon's Honda dealership where they purchased their last car. If you purchased your car here, you would get a student discount of $500 off the purchase price. They would also require you to make a $4,000 down payment, and finance the remaining amount with an amortized loan where you will be making 60 equal monthly payments of $480. a. (0.5 points] Which option will require you to pay the most for your monthly car payment? b. [0.5 points) What is the APR and the effective annual interest rate offered by Manila Luzon's Honda? C. [2 points] What will be the remaining balance after making 25 payments in both the cases? Also, how much will you pay in interest and principal for this payment